Permian Basin Royalty Trust (NYSE:PBT) Reaches New 12-Month High Following Dividend Announcement

Permian Basin Royalty Trust (NYSE:PBT)’s share price reached a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $29.49 and last traded at $27.8270, with a volume of 46783 shares changing hands. The stock had previously closed at $29.01.

The newly announced dividend which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a dividend of $0.0204 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a c) dividend on an annualized basis and a yield of 0.8%. Permian Basin Royalty Trust’s dividend payout ratio is 143.75%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 30th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Permian Basin Royalty Trust has an average rating of “Sell”.

Permian Basin Royalty Trust Trading Up 3.8%

The company has a market cap of $1.44 billion, a P/E ratio of 96.27 and a beta of 0.42. The stock’s 50-day moving average price is $22.62 and its 200-day moving average price is $19.91.

Permian Basin Royalty Trust (NYSE:PBT) last released its quarterly earnings data on Thursday, May 14th. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter. The company had revenue of $3.57 million for the quarter. Permian Basin Royalty Trust had a net margin of 88.99% and a return on equity of 9,061.81%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in PBT. Creative Planning boosted its position in shares of Permian Basin Royalty Trust by 14.5% during the 2nd quarter. Creative Planning now owns 14,995 shares of the oil and gas producer’s stock worth $187,000 after purchasing an additional 1,903 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Permian Basin Royalty Trust by 2,233.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock worth $1,300,000 after purchasing an additional 99,829 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Permian Basin Royalty Trust during the 2nd quarter worth about $188,000. NewEdge Advisors LLC boosted its position in shares of Permian Basin Royalty Trust by 53.1% during the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after purchasing an additional 1,304 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in Permian Basin Royalty Trust by 145.1% in the 2nd quarter. Raymond James Financial Inc. now owns 64,466 shares of the oil and gas producer’s stock valued at $803,000 after acquiring an additional 38,164 shares in the last quarter. Institutional investors own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust (NYSE: PBT) is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it owns net profit interests on specified acreage, allowing unitholders to participate directly in the cash flows generated by hydrocarbon extraction without bearing the costs or risks associated with day-to-day field operations.

The Trust’s interests cover acreage predominantly in Reeves and Loving Counties, where mature wells have been developed over several decades.